You are here: Home / Blog / The Rise in Popularity of Crypto Slots Explained

The Rise in Popularity of Crypto Slots Explained

Online casinos have gained massive popularity in recent years, and there are dozens of reasons why many experienced casinogoers are already playing on these digital gambling platforms. Those who are new to online gambling would already ask questions like, “What is a social casino?” and “What makes online casinos so popular?”

One of the reasons why online casinos are popular today is the convenience that they provide for players, as they can be accessed anywhere with a stable internet connection. So, you can play big jackpot slots, free slots, and video slots in the comfort of your home.

A particular type of online casino game that is quite well-known among the gambling community is the crypto slot machine, also known as crypto slots. 

While it plays similarly to the classic slot machines you will see in the best online and land-based casinos, the betting and payout mechanics of crypto slots are unique, as they involve Bitcoin gambling and Bitcoin slots with free spins, bonuses, and rewards. To learn more, let us dive into the rise in the popularity of crypto slots.

What is Crypto Gambling?

Crypto gambling is a type of casino wagering where the bets are placed in the form of cryptocurrency instead of real money. Online crypto casinos often allow many kinds of cryptocurrency, like Bitcoin and others, although there are a few that are strict about the type of crypto coins they allow on their website or platforms.

Because cryptocurrency is very popular in today’s era, there are already a lot of players in crypto casinos worldwide. These crypto casinos offer different types of casino games and slot games like poker, blackjack, roulette, and slot machine. 

The big jackpot slots in crypto casinos play similarly to the video slots and free slots you can find in online casinos, although they feature Bitcoin gambling with free spins, rewards, and other bonuses. To know what the best slot machine to play to win in crypto casinos is, you will need to check casino review websites.

Pros & Cons of Crypto Slots

Crypto slots have a set of pros and cons that you will need to know about before you start playing them. Here is a list of the pros and cons of playing free slots, video slots, and other big jackpot slots in crypto casinos.

Pros

• Better Security: because the value of cryptocurrency is very high, crypto casinos typically have better security systems than other online casinos in order to provide the best protection for their players and their crypto wallet.
• Anonymity: online crypto casinos ensure that their players’ identities remain hidden in order to protect their personal information. Due to the anonymity of the players, they don’t need to provide their names and other pieces of personal information to create an account on crypto casinos.
• Better Deposit and Withdrawal Efficiency: in crypto slots and crypto casinos, you will experience better deposits and withdrawals since these involve cryptocurrency rather than real money. Cryptocurrency exchanges are typically much faster than real money transactions, so you can easily deposit funds into your crypto casino account and withdraw your winnings fast. Sometimes, you can get free spins and other types of bonuses and rewards from depositing funds into a crypto casino account.

Cons

• High Volatility of Cryptocurrency: because the value of cryptocurrency fluctuates almost every month, the prizes or jackpots you will get from crypto casinos also fluctuate in value.
• Limited Accessibility: not all countries in the world allow the operation of crypto casinos, so you may not be able to access these websites or platforms if your country’s gambling authority or agency doesn’t regulate crypto gambling.

The Risks of Playing Crypto Slots

While trusted crypto slots and crypto casinos are safe, there are still some risks in gambling with cryptocurrency. Below is a list of the risks of playing crypto slots so that you will be more aware of what to check and what to avoid in crypto casinos.

• Fake Websites: there are several fake crypto casinos out there, so you will need to watch out for those so that you won’t be victimized. These fake websites may take your personal information and steal the contents of your crypto wallet. Some of them don’t even have real casino games like big jackpot slots or free slots, and they would also not give out bonuses and rewards like free spins.
• Fluctuating Value of Cryptocurrency: as we have mentioned before, one of the cons of playing in crypto casinos is that the cryptocurrency you will use can fluctuate in value. On a specific day, the coins you have won from a crypto casino may be larger than the value you deposited, but on another day, it may become much lower.
• Potential Hacking Issues: although the security systems of crypto casinos are much stronger compared to most online casinos, there is still a risk of hacking if one of these casinos slack off on security for even just a few minutes. Many hackers often prey upon crypto casino players, as they bring bigger deposits and withdrawals than online casino players. So, the crypto casinos would need to tighten their security to avoid this issue.

Are Crypto Slots Legal?

Crypto slots are legal, although they can only operate in countries where cryptocurrency and crypto gambling is allowed. 

Many countries in Asia ban the operations of online casinos and, subsequently, crypto casinos, but there are a lot ofcountries in other regions that allow online gambling. On the other hand, there are also countries that ban the use and trade of cryptocurrency even if they allow online gambling. So, for those countries, online casinos are legal but crypto casinos with Bitcoin slots are not.

To make sure that your country allows crypto casinos to operate, you may need to check the website of your country’s gambling agency or authority, where they may have a list of licensed casinos and Bitcoin gambling companies. You may also want to check out the crypto casinos you are planning to access, as these casinos have a system that blocks people in certain countries (where cryptocurrency or online gambling is banned) from seeing the content of their websites or platforms.

Crypto Gambling and Taxes

When it comes to taxes for crypto gambling, there are still no rules or laws imposed that allow government authorities to put taxes on crypto casinos and Bitcoin gambling websites yet. However, specific taxes for winnings or slot machine jackpots in these crypto casinos may still be applied.

Online casino players are usually taxed for their winnings in some countries, including the United States, where the winners are subjected to Federal and State Income Tax. But, there are also several countries where winnings are tax free, like Canada, the United Kingdom, and Australia. 

So, even if you are playing Bitcoin slots or crypto slots in these crypto casinos using cryptocurrency, the winnings you get could still be subjected to taxes even if they are not real money.

FAQ

There may be some questions in your mind about crypto slots and crypto casinos that we haven’t answered yet in the previous sections of the article. So, see if one of your questions is here in this section of FAQs and the answers we can provide.

1. How Can I Choose a Decent Bitcoin Casino?

To find a decent Bitcoin casino, you may need to read reviews or follow recommendations from casino review websites. These websites offer hundreds of different reviews for various casinos, including the most popular and the newest ones. The reviews will tell you all the things you need to know about Bitcoin casinos, like their registration process, their deposit features, and withdrawal systems.

2. Are There Any Country Restrictions at Bitcoin Casinos?

As we mentioned previously, there are certain countries that ban the use of cryptocurrency. So, if you want to make sure that your country allows cryptocurrency and online crypto casinos, it would be best to do a little bit of research online about your country’s gambling authority and the crypto casino you want to access.

3. Are Bitcoin Casinos Regulated?

There are some countries that regulate Bitcoin casinos and crypto casinos, but there are also several that do not. Crypto casinos that are licensed and regulated by their country’s gambling authority are much safer for players, as you will be sure that every process or system in the casinos is protected and won’t compromise your personal information or crypto wallet.

4. How Do You Make a Deposit Into a Bitcoin Casino?

In order to make a deposit into a Bitcoin casino, you would first need to have a legitimate crypto wallet. Then, you will need to deposit an amount of cryptocurrency into the casino after creating an account on the platform. You can then check the wallet of your crypto casino account to see if the amount you deposited is reflected.

5. What Variety of Games Can You Expect at Crypto Casinos?

Crypto casinos would commonly have the same variety of games that you can find in online casinos. Some of these games include poker, blackjack, roulette, bingo, and slot machines. The big jackpot slots and Bitcoin slots in these crypto slots websites and casinos would also offer the same bonuses as the slot games in online gambling sites. To know more about online gambling and online casino games, you can read our article on The Impact of Technology on Online Slots Gaming: Trends and Predictions.

6. How Long Does It Take to Withdraw My Winnings From a Bitcoin Casino?

Crypto casinos and Bitcoin gambling casinos usually have a faster process when it comes to players withdrawing their winnings. It would actually take a few days before the process can be completed, as both the casino and the regulator of the crypto wallet would have to check or inspect the coins or digital currencies that are transferred.

Conclusion

These are just some of the most important pieces of information that we can provide about crypto slots, online crypto casinos, and crypto gambling in general. Be sure to check blog sites and casino review platforms so that you can find the safest and most trusted cryptocurrency casinos that are legal to operate in your country. 

Play only in the best Bitcoin gambling platforms so that you can get exclusive rewards and a great payout or jackpot. Through online crypto casinos, you also can play some of the best card games that allow you to get a big win!